Iraq Business News brings you the latest information on developments and opportunities in the oil and gas industry in Iraq.
From ProactiveInvestors. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iraq Business News. Tony Hayward, the chief executive of Genel Energy (LON:GENL), insists Kurdistan, where Genel operates, is a ‘secure and stable’ place to do business despite the threat of terrorism in the region. Ex-BP CEO Hayward […]
Oil Prices between Economic Realities and Geopolitical Motives By Ahmed Mousa Jiyad. From June to mid-November 2014, oil lost almost one-third its price. Much has been written about this dramatic decline and different thoughts were offered attempting to explain what has been behind such downward movement. This paper addresses firstly the recent price movement by […]
By John Lee. The current average output from Iraq's southern oilfields is reported to be about 3 million bpd, according to a report from Reuters. Oil Minister Dr. Adel Abdul Mahdi [Adel Abdel Mehdi] told reporters that average export levels are about 2.5 million bpd. (Source: Reuters)
By John Lee. Security sources report that the Iraqi army has broken the five-month-long seige of Baiji [Beiji, Bayji] oil refinery in Salahadin province. Baiji is the largest town to be recaptured from Islamic State (IS) fighters since its offensive across northern Iraq in June. Xinhua News Agency suggests that the capture of Baiji would […]
By Samar Rassam-Whitticombe, CEO of Somer Industrial Projects (SIP). This is an extract from an article originally published by Nina Iraq, and is reproduced here with permission. My focus this issue is two-fold; firstly political stability and secondly the creation of a sustainable, successful private sector to promote a positive business and physical environment. I […]
By John Lee. Foreign Minister, Dr. Ibrahim Al Jaafari, stressed that the strategic priorities of the Iraqi diplomacy is to restore Iraqi-Arab relations to normal, calling for intensifying efforts and cooperation to eradicate terrorism, which today constitutes a threat to all countries in the region. These statements came during the official visit carried out by […]
By John Lee. In a joint meeting held on Thursday between the Kurdistan Region Prime Minister, Nechirvan Barzani, Deputy Prime Minister, Qubad Talabani, and Iraqi Oil Minister Dr. Adel Abdul Mahdi in Erbil, both sides agreed to reach a comprehensive settlement of all the outstanding issues between the Iraqi federal government and the Kurdistan Regional […]
By John Lee. Iraq’s State Oil Marketing Organisation (SOMO) has adjusted its official selling prices for its Basra Light and Kirkuk crude grades for December. In common with some other countries, Iraq’s oil is priced relative to regional benchmark prices: For shipments to US, contracts are priced are relative to the Argus Sour Crude Index […]
By John Lee. DNO, the Norwegian oil and gas operator, has reported third quarter 2014 gross production of 124,396 barrels of oil equivalent per day (boepd) on the strength of uninterrupted operations at its flagship Tawke field in the Kurdistan region of Iraq. Increasing volumes of Tawke oil were directed from local sales to exports […]
Genel Energy has announced that it has reached an agreement with the Ministry of Natural Resources ("MNR") of the Kurdistan Regional Government ("KRG") for the development of the Miran and Bina Bawi gas fields. In addition, Genel has agreed key terms with OMV to acquire its 36% operated stake in the Bina Bawi gas field. […]
By John Lee. Gulf Keystone Petroleum (GKP) has given an update this morning on its operations at Shaikan, its key producing asset. Shares in the company are up more than 70 percent from their low in October. The Company is on track to complete all remaining work in order to achieve 40,000 gross barrels of […]
By John Lee. Genel Energy has issued the following trading update and preview ahead of a capital markets day presentation for analysts and investors in London commencing at 14:00 GMT. The presentation materials will be published at 12:00 GMT on www.genelenergy.com with the event broadcast live on the website, and available for download shortly afterwards. […]
